What`s wrong with our money? (Prof. Hörmann Skit)
Sample:
“First of all what`s wrong with our money? Most people seem to believe ok, we have a financial crash-down, just let`s cut on public spending pay back some debt and return to business as usual. This is not possible, why? Because money is not a positive value, money is invented by the banks. If you go to a bank and you get a loan, they don`t give you money that lays around in the vaults of the bank, the bank that gives the loan doesn`t have the money. Loans from banks, this is money that doesn`t exist. It is created, it is created by lending it out bearing interest. And this is one of our major problems today, because when banks grant a loan the money doesn`t exist beforehand, it`s not existing. It`s invented out of thin air but then in fact the banks want it back with interest and this is the problem, because they never invent the money for interest. So banks only create the money for the loan and never the money to pay the interest and this is where the problem starts because the money for the interest doesn`t exist in our money volume. So this is the root of the so called competition in the real economy. We have to fight against each other, take away money from each other to give it back banks.. to give it to banks as interest, back is the wrong verb…”
Franz Hörmann, 2012, (TedX):
http://www.youtube.com/watch?v=88ksYFsleto
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